What types of women’s apparel and accessories does the System cover?
The Pricing System presently covers:
With the addition of still more stores to the database in 2013, we expect to have the statistical muscle to add even more.
How many brands does the System recognize?
Presently the system recognizes over five thousand current brands. Each year, recently defunct brands are noted, long defunct brands are deleted, new brands added, and brand ratings are changed.
Why both a suggested ‘resale price’ and suggested ‘resale price range’?
Prices are driven primarily by what the item is (category) and by brand. Secondarily, most prices are driven by composition (what an item is made of) and workmanship. It’s the third set of factors, peculiar to each market and owner, that can be used to refine a suggested price: 1) supply and demand, and 2) taste. This led to the inclusion of a suggested price range as well as suggested price:
- Supply and demand. While there are some categories and brands that tend to be in abundant-supply or short-supply regardless of location, there are others where the local market is unique. Indeed, supply/demand balances in one part of town can be totally different than in another.
- Taste. Local taste and price-tolerance can and do differ from market to market; successful owner(s) are able to sense and respond to local tastes in their selection and identify acceptable price-points over time.
Can we modify selected prices to fit our market?
Retail prices vary by market and so too must resale prices. To inform its price setting, NextGen runs a comparative analysis of benchmark NextGen prices and Store prices as part of the system installation process. Price levels are set reasonably close to current store price levels in order not to surprise current customers. In the case of new stores, price checks are usually run against prices of established stores in or near the market. In a few cases, prices are adjusted based solely on market demographics.
Counted among Nextgen clients are stores with prices more than twice those of NextGen as well as stores with prices less than half those of NextGen. In the latter case, some stores have NextGen gradually increase the suggested prices over time, others, do not.
We’ve been in business for years. Why fiddle with our pricing now?
One of every four stores deciding to use the NextGen System this past year has been in business more than 20 years.
Will the Pricing System Work for us given the way we operate?
We hear this question repeatedly. YES.
The pricing system either populates the price field with suggested prices and price ranges as a function of category and brand, or connects the user to an online page of retail or resale prices for purposes of determining the resale price. At what stage in the buying process this is done, how often and by whom is a matter of store policy and procedure.
Most stores and buyers price as they buy, entering the brand and checking the price suggestions for the vast majority of items. Other stores and buyers look for price suggestions only when unsure of the brand. Some stores enter and check prices only in the case of the top (a) brands.
At least one (that buys outright) routinely buys before they price. In this case, experienced buyers buy rapidly and in quantity. Prices are later applied and tags printed using the Pricing system to assure price consistency. Some stores buy with sellers/consignors present; others, after the items have been dropped-off. In this connection, the NextGen System supports the management (registering, labeling, monitoring and retrieving) of drop-offs.
How often are the categories, brands and prices updated?
The brands and prices are updated continually; categories, periodically.
Does the System work with any POS System other than ResaleWorld’s Liberty 4?
No, it does not. Liberty 4 has the robust database and rich user interface needed to run the NextGen pricing engine, and ResaleWorld has the technical support capacity and staying power to best serve our clients.
How is the Pricing System installed and updated?
NextGen installs and updates the system remotely using Teamviewer. It generally takes 30 minutes.
What is the Price of the Pricing System?
$699 per store or network. If the network serves more than one store, the price is still $699.
$149 annually for ongoing pricing support and update.
NextGen offers an add-on for juniors, teens, tweens and young adults priced at $199,
and for Infants, Children and Maternity, priced at $699.